function z = indit_f(tau, Z)

[N,T]=size(Z);
z=NaN(N,T);

dZ=Z(:,2:end)-Z(:,1:end-1);
%z(:,1)=(Z(:,1)>log(tau*100));
%z(:,1)=NaN(N,1); % we do not have change in debt here
z(:,2:end)=(Z(:,2:end)>log(tau*100))&dZ>0;

 
end

